Natuzzi says sales to rise 5% in 2003
By Furniture Today Staff -- Furniture Today, January 5, 2003
Santeramo in Colle, Italy — Leather producer Natuzzi is forecasting a 5% increase in seats sold despite competitive market conditions and difficult economic environments.
The company also said it expects net profit margins in the range of 8% to 9% of sales, which takes into account raw material prices and transportation costs.
Pasquale Natuzzi, chairman and chief executive officer, said, "While current demand and pricing pressure in the marketplace do not show any signs of improvement in the near term, we remain committed to the various strategic initiatives we have launched to strengthen our market leadership in both the medium-high and promotional price segments of the upholstery market."
He said the planned openings of about 150 Natuzzi in-store galleries and 40 Natuzzi and Divani & Divani stores, along with related advertising expenditures, would lower the company's margins, but were "important investments in building a global brand."
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